Gulf Marine Services shares climb higher after new contract award

(Alliance News) - Gulf Marine Services PLC on Tuesday reported a new contract award that covers two of its large-class vessels in Europe.

Its shares were up 8.3% at 17.57 pence on Tuesday afternoon in London.

Gulf Marine Services is a London and Abu Dhabi-based operator of self-propelled self-elevating support vessels for the offshore energy industry.

The contract spans 985 days, said Gulf Marine Services, and sees the vessels continue supporting offshore operations across the region.

Neither the name of the client nor the financial terms of the contract were disclosed, but Gulf Marine Services said the award increases its contracted backlog to USD540 million.

Executive Chair Mansour Al Alami said: "We are delighted to have secured this contract, which once again highlights the strong demand for our vessels across multiple geographies and the confidence our clients place in GMS to deliver reliable, high-quality solutions for their projects."

By Christopher Ward, Alliance News reporter

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